Infosys board approves upto Rs 13,000 crore buyback offer

Source: The Hitavada Date: 20 Aug 2017 09:48:58

NEW DELHI,

Aug 19,

(PTI),

THE Infosys board on Saturday approved the share buyback plan of upto Rs 13,000 crore to reward shareholders, a move that comes a day after CEO Vishal Sikka resigned citing slander by company founders. It will buy back 11.3 crore shares at Rs 1,150 apiece, returning cash to investors at almost 25 per cent premium to the Friday’s closing price of Rs 923.10, the Bengaluru-based company said in a stock exchange filing. The company’s first-ever buyback is second only to the Rs 16,000 crore share repurchase by its bigger rival TCS announced in April this year.